1) your partner can file declaratory suit that he is absolute owner of property as full consideration has been paid by him
2) if full consideration paid by partner you would not have 50 per cent share in property
I have to get a property registered. My partner is paying the whole money through bank. But we want to get it registered in both names. Is this conveyence deed valid? And if my partner can object in future that he has paid the whole amount and the property belongs to him only
1) your partner can file declaratory suit that he is absolute owner of property as full consideration has been paid by him
2) if full consideration paid by partner you would not have 50 per cent share in property
Deed can execute in joint ownership but actual owner will be person who has contributed in purchase. Mere purchase in your name as co owner dose not give you 50% title in property.
His objection will be valid and can claim absolute ownership by order of court.
1. Under Civil Laws, the Assets belongs to the person who financed it and reflects the same in his income tax returns.
2. In your case partner will prove above, IF you do not pay 50% on documentary record and reflect the same in your income tax returns.
3. Hence it is most essential to take care of point no. 2.
4. Irrespective of who pays what percentage, the same must be reflected in the Deed and THEN property stamp duty paid and registered, for it to be legally enforceable.
At this point of time there is no problem in making the conveyance deed Hindi joint name but as the amount paid by the partner in future if you wish to he can file a civil suit to transfer the title of the property in his name based on the payment made for the consideration of the property from his own account you have to make arrangement in such a way that the amount paid for the consideration should move from your own bank account to to create your ownership and the property however you can get the amount from your partner in your bank account and you made this account as a loan account it will be good for you to avoid any future litigation
Yes the deed is valid though he can object same by filing declaration suit in future stating he has paid the complete amount for property. See for same you can take an affidavit from.him that your partner is paying your part adjusting some.other payment or profit.
1. Yes the conveyance deed will be valid.
2. The registration of property is done with presence of all the parties to transaction that is buyers and seller along with witnesses.
3. So how can he claim complete ownership on later stage.
4. But yes he can claim the money from you so it would be better if you maintain some account of money given to your partner for purchase of property
Yes for Sale deed you can make the payment via bank and mentioned payment details in the sale deed as Payment Schedule
Partner need to show that money was paid by him.
if consideration amount paid through his bank account later he can claim same through filing declaratory suit.
Once the property is purchased on joint names then the property belongs to both the purchasers.
There is no question of the other owner claiming the full title based on the payment made.
In that case there was no necessity for him to get the sale deed executed on joint names hence his claim may not be maintainable.